Developers abandon $14B SC nuclear project

After working nine years to expand a nuclear power plant in South Carolina, its developers are pulling out of the $14 billion reactor project in the wake of rising costs, falling demand for energy, construction delays and the bankruptcy of lead contractor Westinghouse. South Carolina Electric and Gas said in a news release that a comprehensive review of the Fairfield County nuclear project — a review that began after Westinghouse filed for bankruptcy earlier this year — caused the company to conclude that finishing the two nuclear reactors “would be prohibitively expensive.” SCE&G customers have paid $1.4 billion through higher monthly utility bills as a result of nine different rate increases to cover the cost of the plant. About 18 percent of their bill goes for the nuclear project. Overall, SCE&G and Santee Cooper have spent about $9 billion on a project that analysts said could have ultimately cost more than $23 billion, more than twice the original price tag.